2 ms·
I think there's major inherent value in Bitcoin. Or at least was. I enjoy traveling and it's quite the pain with traditional banking. It ranges from the small t
by indubitable 9y ago
I think there's major inherent value in Bitcoin. Or at least was. I enjoy traveling and it's quite the pain with traditional banking. It ranges from the small things like facing account locks (even after informing the bank you'll be traveling) which take days to clear up, to getting absolutely gouged on access to your money. If you want quick access to your own money then you'll be facing artificially weakened exchange rates, fees on said exchange rate, and then fees on top of fees because fees. To get reasonable access you need to wire money which comes with annoying hassles, paperwork, delays, and then you better hope you're not trying to get access to your money during the weekend or a bank holiday.
And then the banks themselves also face countless rules and regulations which result in more hassles to consumers. Happen to keep depositing just below $x for whatever reason? Welcome to a suspicious activity report (for fear you may be trying to dodge financial accounting reporting regulations) and having all deposited funds confiscated until you spend tens of thousands of dollars proving yourself innocent, because in finance innocent until proven guilty apparently doesn't fly. And that's of course just one example among countless.
The current monetary system is pretty much awful. I thought (and think) Bitcoin is the start of a change to this. In other words that it has inherent value. The limits of that value are now being shown as transactional fees get crazy, but the point of this is that I don't view Bitcoin as an arbitrary commodity. It is a decentralized financial service.
- 59nadir 9y agoI think there is major inherent value in a decentralized currency and I think the technology is neat. There will be more practical value in Bitcoin after the crash when the speculative value has stopped being a factor.